NetSuite is an online accounting and business management program. We reviewed the test drive or demo version of this small business accounting software and found that it offers extensive reporting and covers many needs beyond accounting. It can track sales, marketing, projects and even customer service tasks. It is the best accounting software we have seen for managing non-accounting needs.
This business solution is extremely comprehensive, almost to the point that we do not want to call it “accounting software.” It really is everything a business needs, from tracking phone calls to managing consultants. However, it may be too much for small businesses of only a few employees and way too much for freelancers or consultants that do not need much beyond basic invoicing. But a mid-sized company of about thirty or more may find that NetSuite can help them become more organized and efficient.
Installing this product wasn't necessary because Netsuite isn't actual software. All you have to do is login to your account and all the information is stored and managed over the Internet.
NetSuite is confusing to operate because it is text-based, not graphics-based. Also, the features are broad, not specific. But the program does have a few perks. Netsuite has a navigation tool bar at the top of the screen, a pull down menu, shortcuts to daily information and one quick way to switch between roles.
Beyond this, though, there is no quick access to sections because they are not broken down by task, but assigned to a role. Since features are assigned to roles, you may have to move between roles to do everything you want. However, you can edit what each role can see and do.
Unlike many providers, NetSuite provides 60 days of free support; this includes updates, maintenance, direct support and data backup. They also offer silver, gold and platinum support, which provides everything from access to an online support portal to online support to 24/7 worldwide telephone support. They do not list the pricing for these support options on their website.
In terms of online help documentation, little is posted online beyond sales type resources such as white papers, demos and web-seminars. We did notice that their online dashboard demo displayed dates from 2006. It would be nice to see more up-to-date product information.
The Accounts Receivable section is outstanding. This offers everything you need to manage all your invoices and shipping. Here, you can choose a shipping method and track shipping easily. You can also sell on credit and calculate finance charges for your clients.
With this section you can make purchase orders, prepare quotes, and write vendor memos. You can also make and print checks and 1099 forms. However, the program cannot create customized vendor checks.
The Payroll Section lets you manage all your employees: set pay periods, salaries, deductions and more. NetSuite can handle all basic payroll duties, from managing employee profiles to tracking hours worked. It even has ways for freelancers or contract workers to login and manage projects and time spent on jobs.
Inventory tools are available in NetSuite's Warehouse Manager. You can manage inventory and even display photos of inventory items. You can specify a cost method (your preferred accounting method), but you can only use one cost method at a time.
This section offers all the tools you need to manage your bank accounts. You can reconcile accounts, write checks, make deposits, transfer funds, use credit cards, and make online bank statements. There was one banking feature missing—the ability to void existing checks. Other than that, NetSuite covers all your banking needs.
We found time-related tools in the Administrator Role under the Employee Center. You can track time daily and weekly, or even make expense reports. Netsuite also has a timer built into the program for convenience.
This section lets you manage all your tasks and set each task as active or inactive. You can also track jobs so you can view task progress. NetSuite also lets you create an estimate of the overall project (so you can judge if these are worth pursuing). We didn't find any reports in NetSuite associated with Job Costing.
The General Ledger section is not easy to find in NetSuite. But we did find over a dozen reports related to the General Ledger scattered throughout the different roles. Once you learn your way around the roles, finding the right report becomes easier, but there is a learning curve.
As far as we could tell, NetSuite doesn't offer tools to manage fixed assets.
Since this is a web-based or SaaS type accounting software, it is always up to date. NetSuite can accept QuickBooks files, however to upload your data to their system you have to go through the NetSuite Implementation team. This team will help you decrease the potential of error while moving your files, however fees may apply. It can also accept Excel files.
NetSuite provides extensive reporting capabilities and easy to access shortcuts to sales and marketing summaries. For example, when logged in to the “CEO role” you can quickly look at sales reports by product link or customer or even by open opportunities or lost sales. You can also view saved reports and schedule reports. All reports can be customized and exported as a CSV file or emailed.
NetSuite is good accounting software if your small business is starting to grow and you have a need to start diversifying roles. With all the different roles available you can divide the responsibilities between key employees in your company easily.
NetSuite is an online accounting program and they offer good reporting options.
This accounting program has limited inventory tools and you have to change “roles” to see different aspects of the program.
It is complex and can offer a variety of useful tools way beyond basic accounting, but may be a bit costly for some small businesses.